There’s no mistaking who bought the dip, thanks to the transparency of blockchain ledgers.
What Happened: Bitcoin (CRYPTO: BTC) hit a low of $39,787 late on Tuesday, before bouncing back above $42,000. According to data from Blockchain.com, the third-largest Bitcoin wallet used the opportunity to accumulate more of the leading digital asset.
On-chain data revealed the whale wallet purchased 321 BTC at an average price of $40,500 per coin. The total value of the transaction was $13 million at the time.
This recent purchase has sent the whale’s crypto holdings to a total of 111,795 BTC worth more than $4.7 billion.
According to CryptoQuant analyst VentureFounder, the whale had an unrealized profit of $2.4 billion at the time of writing.
It is worth noting the same whale sold 9,000 BTC back in May when the price was between $54,000 and $63,000. Even this massive sale only reduced the whale's total BTC holdings by 9% at the time.
BTC Price Action: Bitcoin was trading up 6.18% at a price of $43,197.90 at publication Wednesday afternoon.
Photo: Aleksi Räisä on Unsplash
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